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PROPERTY

Vashi Emerges As Popular Residential Suburb In Navi Mumbai

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From past few years, Vashi in Navi Mumbai has caught the attention of many prospective homebuyers who are looking to buy their dream property. Reason being, a well-develop thriving, and burgeoning infrastructure planned residential and commercial spaces are some of the aspects that have attracted home buyers to invest here.

Vashi is a planned city of Navi Mumbai by CIDCO that is situated across the Thane Creek of the Arabian Sea. The city enjoys smooth connectivity to other surrounding areas via a well-planned rail and road network. Major arterial roads of Navi Mumbai such as Palm Beach Road, Sion-Panvel Highway, and Thane-Belapur Road connect it directly to Mumbai. Mumbai Suburban rail connect Vashi to all the major suburbs of Mumbai and Thane. The Santacruz-Chembur Link Road and the Mumbai Highway links it directly to International Airport.

Vashi also boasts sound and well-planned infrastructure and is home to some of the best schools, educational institutions, hospitals, and healthcare systems. Some of the renowned institutions include IES Navi Mumbai High School, Avalon Heights International School, Fortis Hiranandani, Apollo, Inorbit and Raghuleela malls.

The city is also known for the presence of important and leading industrial and commercial offices and IT Parks such as MIDC industrial area, Dhirubhai Ambani Knowledge city, and Mahape IT Park. Due to low prices range and better connectivity many renowned IT Companies like IBM, Eon Services, Orange; Huawei etc. have shifted their base to this city.

Apart from being a flourishing commercial hub, Vashi also houses some of the best residential properties ranging from apartments, flats, villas to builder floors. One can easily find option that suits best to their pocket size. Sector 12, 14, 16, 28 and 59A are some of the leading areas where one can look for several housing options in various size and configuration. At present, the average price of an apartment here is Rs 14,583 per sq.ft. Talking about the rental market, the current rental for a 1 BHK flat in Vashi starts from Rs 18,000.

As per experts, the property price here is expected to increase more in coming years once the proposed Navi Mumbai International Airport will start its operation.

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Nisha Shiwani hails from the pink city of Jaipur and is a prolific writer. She loves to write on Real Estate/Property, Automobiles, Education, Finance and about the latest developments in the Technology space.



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PROPERTY

Motia Group Launches Flagship Residential Project Motia HUYS Near Panchkula

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Motia Group, one of the leading real estate developers has recently announced the launch of their flagship project ‘Motia HUYS’ in Peer Muchalla, adjoining Sector 20, Panchkula. The project offers independent affordable floors nestled amidst serene and tranquil surroundings that will be developed with an investment of 65 crores by the group.

Motia HUYS is a mix of residential and commercial complex spread over 2.5 acres of area. The residential space comprises of 147 units on 49 plots and is offering 2 and 3 BHK independent floors with well-designed architecture along with ample private space. Each floor, as well as the units, is equipped with all the modern amenities that are must for hassle-free living. It is also home to a plethora of facilities like a park for children, senior citizen area, green spaces with seating, Jogging park, CCTV monitoring and much more.

The commercial shopping complex is designed to offer all the daily need conveniences to the residents. Apart from that, Stilt parking, Purified water supply, and Rainwater drainage are some of the other attractive features of the newly launched project.

Speaking during the launch, L.C Mittal, Director, Motia Group said, “The group has always worked to provide premium housing to its clients. At Motia group, the comfort of the residents is the priority and thus each of our projects reflects the same. The project Motia HUYS will be developed with an estimated cost of Rs 65 crores and all the funds will be arranged through company internal finances.”

The USP of the project is its location wherein most of the city conveniences are just at a distance of 5 minutes. The project enjoys smooth Airport road (ring road) connectivity and is also well-connected to the Himalayan Expressway. Many leading hospitals, commercial centers, and educational hubs are also located close to it.

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PROPERTY

ASK Group invests INR 150 Crores In Gulshan Homz’s Residential Project in Noida

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The ASK Property Investment Advisors [ASK PIA] made an investment of Rs. 150 crores in Gulshan Homz’s residential project. Located at off Noida Expressway, this project is spread across one million square feet approximately.

ASK Group is a realty private equity firm that invested via the Real Estate Special Situations Fund which was raised in March 2019. Post the finalization of this deal, the structured equity fund increased to more than 45% out of the approximate Rs. 920 crore.

The project is situated adjacent to Noida Expressway and shares close proximity with Blackstone’s Oxygen SEZ and the IT corridor of Noida. Till now the Gulshan Homz has delivered approximately 7 million sq ft of real estate. Out of this, 5.5 million sq ft is in Noida and other 4 million sq ft is under construction in Noida and Greater Noida.

This investment is a strategic move by the ASK group with the aim to offer funds for project completion.

Amit Bhagat, managing director, ASK Property Investment Advisors said that this is the company’s first deal with Gulshan Homz and the group fulfills the criteria of quality construction, delivery track record, and reputation. The company looks forward to having a long-term, mutually beneficial association with Gulshan Homz’s, he further said.

Bhagat then said that is expecting better infrastructure with an operational metro and the upcoming airport at Jewar.  This will change the dynamics of the Noida property market and will also increase job opportunities in the city. He also said that all this will boost the city’s residential real estate market.

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PROPERTY

Karnataka RERA Solves 30% Registered Complaints Of Home Buyers

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According to the latest data, the Karnataka RERA has resolved around 30% of complaints registered by the homebuyers till date. The data states that approximately 3,958 complaints have been registered by the homebuyers across different cities of the state. Out of these, the authority has solved 1,174 cases which mean around 30% of the total.

Giving more details on the above, MR Kamble, Chairman, K-RERA said, “The authority officials are working hard to resolve the issues of the homebuyers. At present, we are left with around 2,700 complaints which have already been reviewed and would be resolved as soon as possible. Around 150 cases were withdrawn by the homebuyers after a mutual agreement with developers.”

He further informed that although the authority has taken some strict decisions against the developers, still many homebuyers have not been able to get the desired compensation from them. So, to compensate this, the officials have asked the revenue department to issue show-cause notice against errant developers for project or property attachment.

Till date, 117 notices have been sent to the Bengaluru Urban Deputy Commissioner’s office so that it can be further issued to the fraudulent developers.

The Karnataka RERA has also informed that the maximum number of complaints has been received from the Bengaluru Homebuyers. All these complaints were related to delayed possession of the residential project, incomplete documents, difference in the outcome, and disparity in the size and configuration of the units.

However, most of the developers’ complain that the delay in this regard is mainly due to the delay in the approval procedure of the projects as well as late issuance of several certificates which is mandatory for a project.

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Commercial

DMRC And PWD Plans To Decongest Mehrauli-Badarpur Corridor

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To provide relief to thousands of daily commuters between the Delhi and Gurgaon stretch, the Delhi Metro Rail Corporation (DMRC) and Public Works Department (PWD) has planned to develop a Triple-deck flyover to decongest the busiest route. The triple-deck train-vehicular flyover-underpass will decongest the Mehrauli-Badarpur corridor of the NCR.

According to the proposed plan, both Delhi metro and PWD will jointly develop this stretch and will soon sign a memorandum on the same.

Informing on the above development, a senior authority official has informed, “It will be an 11.2 km long road with four underpasses and two flyovers. The first two-lane underpass would be 400 meters long and would start at Anuvrat Marg and end at MB Road. The second six-lane underpass would be 500 meters in length and will decongest the busy route between Avenue 31 intersection and the Mandir Marg T-Point.”

About the third underpass, he informed that it would be developed below the flyover at Khanpur traffic signal. Lastly, the fourth underpass would be constructed between DDA Park and Tigri extension. Both of these underpasses will be 400 meters in length.

Apart from this, the authority has also planned to develop a 2.5 km long stretch that will have a double-decker viaduct wherein the Delhi metro rail will run above the flyover. The ramp will be developed between Saket G Block and Ambedkar Nagar and would end nearby Batra Hospital.

Last month only, the design of the three-deck vehicular flyover was planned, designed and submitted to the Unified Traffic and Transportation Infrastructure (Planning and Engineering) Centre (UTTIPEC). However, the authorities are waiting for the center’s approval on the same.

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Commercial

Detained Project Report On Chennai-Bangalore Industrial Corridor Completed

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Piyush Goyal, Union Minister for Commerce and Industry informed about the completion of the DPR [Detailed Project Report] for the Chennai-Bangalore Industrial Corridor also known as CBIC.

The proposed plan is designed to have three nodes that include Krishnapatnam in Andhra Pradesh, Ponneri in Tamil Nadu, and Tumakuru in Karnataka. All these places will be developed for the corridor to connect Chennai and Bengaluru, the two major cities of Southern India.

The officials informed that JICA i.e. the Japan International Cooperation Agency drafted the proposed plan for the industrial corridor and also framed the initial master plan to figure out the locations. According to the reports, this project is in the development phase and the completion date of the corridor is yet to be finalized.

SPV i.e. the Special Purpose Vehicles for Krishnapatnam and Tumakuru nodes are well in place. Apart from this, the comprehensive master plan and preliminary engineering activities are also underway for these two nodes. Till now Rs. 9.85 crore is estimated to be incurred on the development of this corridor, however, final costing of the project is yet to be computed.

The Union Government has also directed the State governments to acquire land for the project and the same work is being carried out for the corridor development as the Governments have started the land acquisition process with Krishnapatnam in Andhra Pradesh – 14,000 acres, Ponneri, Tamil Nadu – 21,966 acres, Tumakuru, Karnataka – 9,630 acres.

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Commercial

MMR To Have 13.6 Mn Sqft Of New Mall Space By 2022

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MMR i.e. the Mumbai Metropolitan Region is one of the major retail hubs in India and thus the brands are always keen to acquire space there. According to a report, builders are planning to develop malls in that region as the demand for retail space is increasing by leaps and bounds.

The report by a leading real estate company states that approximately 13.6 mn sqft. of the new mall, space is likely to be developed in the entire MMR by 2022.

Out of this, the Mumbai city will have 82% and Navi Mumbai will have 17% space sharing respectively. The next retail hubs in MMR are Andheri, Bandra, Worli and Borivali as the malls here are likely to be developed between 1 lakh sqft. to 6 lakh sqft.

The average monthly rent in the Mumbai Metropolitan region is nearly Rs. 140 per sqft and the Mall vacancy demand has escalated from 12.60% in 2017 to 16% in 2018. The Mumbai’s high-street shopping experience is likely to get a makeover as the high street market areas like Andheri-Kurla Road, Pali Hills, Bandra West, Kala Ghoda, and Powai are now attracting to mall culture and is clearly seen with the launch of various fine-dining restaurants.

However, the MMR is lagging behind the NCR market where the Mall vacancy stood at 18.2% in 2018 with an average monthly rent of approximately Rs.137/sqft.

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PROPERTY

Casagrand Developer Launches Casagrand Zenith In South Chennai

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Casagrand, the reputed developers of South India launched Casagrand Zenith at Medavakkam, South Chennai. This is a smart wellness community spread in 7.46 acres of land that offers serene beauty of nature. The project is expected to have 949 modernly-designed apartments to offer international living experience.

The project is registered under Tamil Nadu RERA TN/01/Building/0101/2019 and the possession will be offered to the buyers within 24 months.

Casagrand Zenith is a smart residential project as it comprises of more than 78 different amenities. The green space of more than 75% offers dedicated recreational areas and a vehicle-free zone and allows the elderly people and children to move freely.

Casagrand has metal Casagrand Zenith which is meticulously planned to offer luxurious 2BHK, 3BHK and 4BHK residential units. The smartly-designed outdoor activity area, community engagement, recreational facilities, amphitheaters, reflexology pathway, kids swimming pool, adult swimming pool and organic farming area are some high-end amenities offered at Casagrand Zenith. Apart from this, the terrace is designed to have sky-walk, pergolas and leisure seating do that the residents can enjoy social gatherings.

Further, the wellness amenities such as air pavilion surrounded by air purifying plants, a tree-house for kids, chlorine-free non-chemical swimming pool, Vitamin C shower, air purifier in the master bedroom, oxygen infuser in the clubhouse and gym are the smart living amenities introduced in Casagrand Zenith.

This residential project is situated merely 15 minutes away from Velachery. Casagrand Zenith also has a close proximity to Sholinganalur, Perumbakkam, Selaiyur, Tambaram and OMR. The project is close to various educational establishments, hospitals and entertainment zones.

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Delhi

Ownership rights to residents of unauthorised colonies in Delhi says Kejriwal

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Delhi CM Arvind Kejrival
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The chief minister of the national capital territory of Delhi and AAP’s national convenor Arvind Kejriwal has made a positive announcement for more than fifty lakh populace of the unauthorized colonies of the capital regarding granting of ownership rights to the house owners through registries.
Till now the sale purchase of lands and houses in the unauthorised colonies was done  through power of attorney which was not fully legally tenable.
This announcement would benefit more than half a crore Delhites living in unauthorised colonies for years under shabby conditions without any adequate civic facilities.
The Delhi government will charge a minimum development charge of merely Rs. 6000 from each house owner before registering their power of attorney.
The Delhi chief minister said that the Delhi cabinet has passed a proposal to this effect and has sent it to the central government for clearance. Kejriwal is of the opinion that it will be duly passed by the central government after posing a few questions which will be clarified in a due course.
He thanked the union government for putting its seal of approval on his government’s recommendation.
In a tweet in Hindi Arvind Kejrival stated:
‘Kachi colonion mein rehne vaale logon ko badhayi. Jald aapko milega apne makaanon ka maalikana haq. Hamari sarkaar ke November 2015 ke prastaav ko kendra sarkaar manjuri dene ko tayyar. Jald registry karne ki tayyariyaan shuru. Dilli ke logon ki ore se kendra sarkaar ka bahut bahut shukriya.’
Translated in English: ‘Congratulations to the people living in unauthorized colonies. Soon you will get the ownership rights for the house you own. The central government is ready to give clearence to our government’s proposal of November 2015. Now, soon there can be a registry of your houses. On behalf of the Delhi people, I thank the central government very much.’
It may be recalled that there is not much time left for the Delhi elections due in February 2020. The Delhi CM Arvind Kejriwal is, therefore, throwing googlies after googly.
He had recently announced that in Delhi Metro, the women will be provided free travel facility. He had earlier also announced that a 1000 or more electric buses will be introduced in Delhi, which is greater than the commitment of all Indian cities put together. Now this googly from Kejriwal of granting of ownership rights to lakhs of residents of 1727 unauthorized colonies of Delhi.
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Commercial

Sarovar Hotels Plans To Expand Its Reach Across India By The End Of 2019

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In order to expand its reach across the country, leading hospitality firm Sarovar Hotels has planned to add around 16 properties by the end of this year. With this expansion, the group will be adding 970 more rooms to its portfolio.

At present, the group is managing around 73 hotels in the country and three in the international arena with a total of 6000 rooms.

Speaking on the above expansion, Ajay Bakaya, Managing Director, Sarovar Hotels said, “We took this decision to strengthen our reach across India and that’s why we are opening around 16 new properties by the end of 2019,”

He further added that the upcoming properties will be developed under the brand name- Sarovar Premiere, Sarovar Portico, and Hometel Suites Brand. These properties will be located across various cities like Dehradun, Bengaluru, Dindi, Ahmedabad, Goa, Junagadh, Udaipur, Dahisar, Bodh Gaya, Jammu, Dibrugarh, and Morbi among others.

While most of the hotels will be under the Portico series, the one at Bodhgaya and another at Dahisar will be under Premiere series and Hometel Suites brand respectively.

“The hospitality sector has witnessed a huge jump and a sturdier growth in the last few years. The reason behind this is the increased use of advanced technology as well as huge domestic travel. India remains severely undersupplied in hotel rooms. We will see hospitality grow both by conventional and disrupter means” Bakaya added.

Sarovar Hotels and Resorts is one of the leading hotel management companies in India. The group has its leg in each and every segment of hotels ranging from tech-enabled spaces to modern designs, from affordable to boutique suites across the country. The group also deals in setting up of new hotels and resorts which are managed under long term management contracts.

Apart from India, the group has its properties in Zambia and Nairobi in Africa.

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Commercial

Central Government Plans To Construct Light House Projects Across Six Cities

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To promote the use of Green construction technology, the central government has planned to construct over 6000 lighthouse projects under the Global housing Technology Challenge (GHTC), India. The Government has recently floated Requests for Proposals (RFP) for the same. The GHTC was launched by the government in February this year.

Under the challenge, the government has given a challenge to six different cities to construct over 6000 Lighthouse projects using six different technologies appropriate to the geo-climatic condition. The six selected cities are Chennai, Ranchi, Indore, Rajkot, Lucknow, and Agartala.

These houses will be developed under Pradhan Mantri Awas Yojana-Urban (PMAY-U).

As per the government officials, these projects will be completed within 12 months from the date of beginning at an estimated cost 20,000 dollars. These projects will encourage builders and developers to adopt innovative technologies useful in the construction of housing units. At the same time, some more research in these technologies will help in the development of the construction sector of India.

Elaborating more on the LHP and GHTC, India challenge, Amrit Abhijat, JS&MD (HFA) said, “These lighthouse projects would encourage the potential beneficiaries to visit the selected sites to see the ongoing work for adaptation. It would also serve as open laboratories for a live demonstration and would further garner the attention of academia, practitioners and media connoisseurs.”

To create awareness among developer and builders as well as participating states, the government has also planned a series of events on various web portals. You may log on to www.eprocure.gov.in to download the RFP, and for further details relating to RFP, you can access GHTC-India website at https://ghtc-india.gov.in/.

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